Tesco Clubcard Pay

Tesco has recently launched a new account called Clubcard Pay. It comes with some benefits that will be useful for those that don’t have access to other reward accounts. They want people to use it as an everyday spending account.

Here is their website - Tesco Clubcard Pay. Powered by Tesco Bank

I assume this is more of a low-key launch right now to test the service as there has been next to no advertisment of this account.

Am I right in remembering that Tesco just closed down everyones current accounts?

And now they’re offering what’s essentially a current account with the current account features such as bank transfers and direct debits removed?

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see all your grocery spending in one place

As opposed to all your spending in one place, as was the case before. Talk about reinventing the wheel and giving it corners.

Still, I guess they were bored of actually being a bank?

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Less regulation I suppose with a pre paid card, less expenses and that :thinking:

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May be worth the points boost in the first six months (edit: 3 months - even more cheep skate!) for some.

Kind of, what they actually did was close the accounts to new applicants, so existing customers could keep their accounts.

I agree with your assessment on this new product though, a current account without the banking!

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Maybe I’m being a bit thick, but all I see is a bog standard prepaid debit card that you earn the huge amount of 1 clubcard point for every 8 quid spent (outside of Tesco)

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Basically, but more in Tesco (for a three month period) and it’s actually not prepaid but a full Visa Debit issued by Tesco Bank.

If you do still have one of the old current accounts it offers the same amount of Clubcard points plus all the other features of a current account, but not the notifications of this new account.

Anyone want to transfer after 4pm on Saturday?
At the moment money doesn’t arrive until Sunday morning.
Let’s hope that’s temporary.

1 point per £8 is just utterly stupidly little.

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Especially when it’s per transaction! I was going to sign up until I realised that, If it was in total then i’d have probably jumped on it

I mean you’d have to spend £800 to get £1 off at Tesco. And that’s only if it’s in exact £8 transactions or more.

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Still better than nothing and a lot of accounts offer nothing.

But it’s 2 for every £1 at Tesco itself. They seem to be following the same strategy as Tesco Pay+, which offered a similar bonus to begin with. Presumably then some just stuck with it.

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Received my Clubcard Pay card in the mail today. Here’s how it arrived:




image

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